The Central Bank of the Russian Federation intends to protect crypto companies from sanctions

The Bank of Russia allowed issuers of digital financial assets (DFA) not to report critical information that can be used for sanctions pressure until July 1, 2023.

The decision was made to support financial institutions in the country and will be outlined in information letters and regulations.. According to the Central Bank, this will help protect the owners of companies that issue digital assets.

“In relation to operators of information systems in which digital financial assets are issued, as well as persons issuing digital financial assets, the right is introduced not to disclose, until 07/01/2023, information sensitive to sanctions risks about the beneficial owner of a person issuing digital financial assets,” the statement says. Central Bank statement.

The regulator noted that since the beginning of 2022, it has provided issuers and operators of cryptocurrency exchanges with many benefits to facilitate the development of companies in difficult economic and political conditions.. The Bank of Russia claims that the measures taken have helped protect crypto companies from sanctions.

Last month, the Bank of Russia announced that it would prepare a list of initiatives to regulate CFA.